Elon Musk has pointed out that all the money the government spends comes from payroll taxes or inflation that drives up prices 📊. In a recent comment, Musk emphasized that taxpayers contribute through income tax and inflation to cover the costs of government spending 💸.
Musk's comments are meant to warn Americans about excessive government spending 🛑. He also announced that he will work with Vivek Ramaswamy to lead the Department of Government Efficiency (D.O.G.E.) alongside former President Donald Trump 💼.
But achieving Musk's goal of cutting spending is not easy 🚧. A large portion of the budget, such as national debt interest and Social Security, cannot be easily cut 🔴. In addition, a large portion of the budget is allocated to defense 🛡️.
Despite the lofty ambitions, some economists say Musk's plans may struggle to deliver. While Trump has focused on reducing government corruption, Musk has floated the idea of cutting spending in general.
Can these goals really be achieved? 🤔
